ACQUISITION OF DENBURYS OWNERSHIP INTERESTS IN ENCORE ENERGY PARTNERS – Vanguard Natural Resources, Llc

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November 17, 2010 Acquisition of Denburys Ownership Interests in Encore Energy Partners
Summary of Acquisition Vanguard Natural Resources, LLC (VNR) today announced a transaction whereby VNR will acquire all of Denbury Resources Inc.s (DNR) ownership interests in Encore Energy Partners LP (ENP) for total consideration of…
Transaction Rationale Increased exposure to crude oil for VNR unitholders Significantly increases size and scale, overall operating reach and cash flow stability Geographic diversification through exposure to the Big Horn Basin,…
Combined Asset Overview 5
Proved Reserves by Category (9/30/10) Standalone (1) 30.7 MMBoe Combined (1)(2) 74.1 MMBoe VNR VNR + ENP PUD PUD 18% 32% PNP PDP 4% 64% PDP PNP 78% 4% Substantial Increase in Size and Scale and Large % of PDP Reserves…
Proved Reserves by Commodity (9/30/10) Standalone (1) 30.7 MMBoe Combined (1)(2) 74.1 MMBoe VNR VNR + ENP NGL NGL 12% 5% OIL GAS 39% OIL 40% GAS 55% 49% Increased Exposure to Crude Oil for VNR Unitholders (1) Proved…
Proved Reserves by Area (9/30/10) Standalone (1) 30.7 MMBoe Combined (1)(2) 74.1 MMBoe VNR VNR + ENP WILLISTON APPL 8% 12% PERM & GC APPL MISS 27% 30% 6% BIG HORN 22% STX 12% ANADARKO/ MISS ARK-LA-TEX 14% 2% STX 29%…